The pair traded on the side channel on Tuesday then went upwards after testing the 23.6% pullback level (red dotted line). Today, the price may continue to move upward. Economic calendar news for the dollar is expected at 12:30, 14:30, 18:00, and 18:30 UTC.
Trend analysis (Fig. 1).
Today, the upward trend may continue from the level of 1.2730 (closing of yesterday's candle) with the target of 1.2938 an 85.4% pullback level (blue dashed line). If this line is reached, the upward movement will continue with the next target at the resistance line 1.3073 (black bold line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price may continue to move upward with the target of 1.2938 - an 85.4% pullback level (blue dotted line).
Another possible scenario is a downward trend from 1.2782 - a 76.4% pullback level (red dashed line) with the target of 1.2518 - a 61.8% pullback level (red dashed line). Further movement will depend on the news at 18:00 UTC.
